Insolvency, Restructuring and Dissolution (Debt Repayment Scheme) Regulations 2020

No. S 589

Insolvency, Restructuring
and Dissolution Act 2018

(ACT 40 OF 2018)

Insolvency, Restructuring and Dissolution
(Debt Repayment Scheme) Regulations 2020

In exercise of the powers conferred by section 449 of the Insolvency, Restructuring and Dissolution Act 2018, the Minister for Law makes the following Regulations:

PART 1

PRELIMINARY

Citation and commencement

1. These Regulations are the Insolvency, Restructuring and Dissolution (Debt Repayment Scheme) Regulations 2020 and come into operation on 30 July 2020.

Definitions

2. In these Regulations —

“appropriate fee” means the appropriate fee specified in the Insolvency, Restructuring and Dissolution (Official Assignee’s Fees) Regulations 2020 (G.N. No. S 590/2020);

“certificate of completion” means a certificate of completion of a debt repayment scheme issued by the Official Assignee in respect of a debtor under section 301 of the Act;

“certificate of failure” means a certificate of failure of a debt repayment scheme issued by the Official Assignee in respect of a debtor under section 300 of the Act;

“certificate of inapplicability” means a certificate of inapplicability of a debt repayment scheme issued by the Official Assignee in respect of a debtor under section 299 of the Act;

“Chairperson” means the Chairperson of the Appeal Panel appointed by the Minister under section 304(3)(a) of the Act;

“Court” includes the Registrar when exercising the powers of the General Division of the High Court under Part 15 of the Act or these Regulations;

[S 1049/2020 wef 02/01/2021]

“creditor concerned”, in relation to a debt repayment scheme, means a creditor who has proved the creditor’s debt under the scheme and who is bound by the debt repayment plan under the scheme;

“debt repayment scheme” means a debt repayment scheme under Part 15 of the Act;

“Deputy Chairperson” means a Deputy Chairperson of the Appeal Panel appointed by the Minister under section 304(3)(b) of the Act;

“Filing of Documents Regulations” means the Insolvency, Restructuring and Dissolution (Filing, Lodgment and Submission of Documents) Regulations 2020 (G.N. No. S 586/2020);

“meeting of creditors” means a meeting of a debtor’s creditors convened by the Official Assignee under section 291(2) or 295(2) of the Act.

Forms

3. The Forms to be used for the purposes of these Regulations are those set out on the Internet website of the Ministry of Law at https://www.mlaw.gov.sg, and any reference in these Regulations to a numbered form (where such number may include alphanumeric characters) is to be construed as a reference to the current version of the form bearing the corresponding number which is displayed at that website.

Prescribed amounts

4.—(1) For the purposes of section 289(2)(a) of the Act, the prescribed amount is $150,000.

(2) For the purposes of section 299(b) of the Act, the prescribed amount is $75,000.

Notices to be in writing

5. All notices required to be given under Part 15 of the Act and these Regulations are to be in writing, unless the Act or these Regulations otherwise provide or the Court otherwise orders.

Proof of posting of notice by Official Assignee

6. Where, by any provision of Part 15 of the Act or these Regulations, any notice is required to be sent by the Official Assignee, the sending of the notice may be proved by a signed statement, by the Official Assignee or any officer appointed under section 16(4)(a) of the Act who sent it, that the notice was duly posted.

List of debtors to be kept

7.—(1) The Official Assignee must maintain, in any form or manner that the Official Assignee thinks fit —

(a)

a list of debtors in respect of whom there is a debt repayment scheme that is in effect; and

(b)

a list of debtors in respect of whom the Official Assignee has issued —

(i)	a certificate of inapplicability;
(ii)	a certificate of failure; or
(iii)	a certificate of completion.

(2) Upon payment of the appropriate fee, the Official Assignee may allow any person to inspect or otherwise have access to any part of the list maintained under paragraph (1) as the Official Assignee may determine.

Made on 16 June 2020.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW 06/011/004; AG/LEGIS/SL/142B/2015/10 Vol. 2]

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